Point Leamington
Large VMS deposit located in Newfoundland, Canada
Highlights
- Advanced-Stage VMS Deposit: Hosts a large volcanogenic massive sulphide (VMS) deposit containing significant gold, copper, zinc, silver, and lead mineralization, open for expansion.
- Mineral Resource Estimate:
- Pit-Constrained Indicated: 5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz Au, 60.0 Mlb Cu, 153.5 Mlb Zn, 2.0 Moz Ag, 1.5 Mlb Pb).
- Pit-Constrained Inferred: 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz Au, 110.2 Mlb Cu, 527.3 Mlb Zn, 6.2 Moz Ag, 7.0 Mlb Pb).
- Out-of-Pit Inferred: 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz Au, 13.3 Mlb Cu, 102.9 Mlb Zn, 1.4 Moz Ag, 2.6 Mlb Pb).
- High-Grade Expansion Potential: Recent drilling expanded a high-grade zinc-gold zone, with intersections including 4.67m of 15.05% Zn, 4.37 g/t Au, 57.88 g/t Ag, and 0.36% Cu.
- Strategic Location: Accessible by road and trail, 37 km from Grand Falls-Windsor, Newfoundland, and 20 km from the provincial power grid.
- Recent Developments: 2025 exploration campaign looks to double the strike extent testing near surface targets supported by geophysics and outline a newly defined copper rich zone of mineralization adjacent to the existing mineral resource.
Overview
The Point Leamington Project is a 100% owned gold-zinc-copper volcanogenic massive sulphide (VMS) deposit located in the mining-friendly jurisdiction of Newfoundland, Canada. Discovered in the 1970s by Noranda, the project was advanced as a potential open-pit operation before being sold to Rubicon Minerals in 1997. An option agreement with BHP Billiton in 1999 aimed to earn up to 70% interest. The deposit starts at surface and extends to a vertical depth of approximately 350m, with high-grade mineralization open for expansion down-plunge and along strike.
The project benefits from excellent infrastructure, including road access and proximity to power, making it highly accessible for exploration and potential development.
Location and Access
Geology and Mineralization
The Point Leamington deposit is a classic VMS system hosted within volcanic rocks, featuring massive sulphide mineralization rich in copper, gold, zinc, silver, and lead. Mineralization is characterized by high-grade zones that remain open for expansion, particularly down-plunge and along strike. The deposit’s near-surface nature and extension to 350m depth offer significant potential for both open-pit and underground scenarios.
Mineral Resource Estimate
The Point Leamington Mineral Resource Estimate consists of a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t gold equivalent (“AuEq”) for 402 koz AuEq (145.7 koz gold (“Au”), 60.0 Mlb copper (“Cu”), 153.5 Mlb zinc (“Zn”), 2.0 Moz silver (“Ag”), 1.5 Mlb lead (“Pb”)), an pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz Au, 110.2 Mlb Cu, 527.3 Mlb Zn, 6.2 Moz Ag, 7.0 Mlb Pb) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz Au, 13.3 Mlb Cu, 102.9 Mlb Zn, 1.4 Moz Ag, 2.6 Mlb Pb). See Table 1 on the breakdown of metal components that comprise the AuEq disclosure.
Exploration History
Point Leamington Resource Estimate Grade
Resource Area | Class | Cut-off C$/t NSR | Tonnes (k) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) | CuEq (%) |
Pit Constrained | Indicated | 25 | 5013 | 0.9 | 12.2 | 0.54 | 0.01 | 1.39 | 2.49 | 1.42 |
Inferred | 25 | 13727 | 0.8 | 14 | 0.36 | 0.02 | 1.74 | 2.24 | 1.27 |
Out-of-Pit | Inferred | 75 | 1713 | 1.19 | 25.5 | 0.35 | 0.07 | 2.72 | 3.06 | 1.74 |
Total | Indicated | 25 | 5013 | 0.9 | 12.2 | 0.54 | 0.01 | 1.39 | 2.49 | 1.42 |
Inferred | 25 & 75 | 15,440 | 0.85 | 15.3 | 0.36 | 0.03 | 1.85 | 2.33 | 1.32 |
Point Leamington Resource Estimate Contained Metal
Resource Area | Class | Tonnes (k) | Au (koz) | Ag (Moz) | Cu (Mlb) | Pb (Mlb) | Zn (Mlb) | AuEq (koz) | CuEq (Mlb) |
Pit Constrained | Indicated | 5013 | 145.70 | 2.00 | 60.00 | 1.50 | 153.50 | 402.00 | 156.80 |
Inferred | 13727 | 354.80 | 6.20 | 110.20 | 7.00 | 527.30 | 986.50 | 384.80 | |
Out-of-Pit | Inferred | 1713 | 65.40 | 1.40 | 13.30 | 2.60 | 102.90 | 168.50 | 65.70 |
Total | Indicated | 5013 | 145.70 | 2.00 | 60.00 | 1.50 | 153.50 | 402.00 | 156.80 |
Inferred | 15,440 | 420.20 | 7.60 | 123.50 | 9.60 | 630.10 | 1155.00 | 450.50 |
- Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources in this Technical Report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council (2014) and CIM Best Practices Guidelines (2019).
- The Mineral Resource Estimate was based on August 2021 consensus economics forecast metal prices of US$1,625/oz gold, US$22/oz silver, US$3.50/lb copper, US$1.20/lb. Zinc.
- Additional details of the Mineral Resource Estimate, including the parameters and assumptions, are set forth in the Company’s news release dated October 25, 2021.
- The Point Leamington Project is subject to a 3.5% NSR, of which 1.5% may be repurchased for $2 million.